Timing is everything
On Sunday, a group of Microsoft executives discussed that proposal with Yahoo board members during a two-hour face-to-face meeting at Mineta San Jose International Airport. The meeting included Steven A. Ballmer, Microsoft’s chief executive, and other top Microsoft officials, as well as Mr. Yang; Yahoo’s chairman, Roy Bostock; and other Yahoo directors.
At the meeting, Microsoft executives repeated that they would not consider buying all of Yahoo, in part because any merger deal signed now would be subject to a review by regulators. That process would extend into a new administration, possibly tying up Microsoft’s capital for many more months, without certainty that a merger would go forward, according to the people familiar with Microsoft’s thinking.